All Forum Posts by: Jim Edelstein

@Ryan Vienneau It's a great quote! I am in a state of near-total ignorance when it comes to REI for cashflow. I'll be the first to admit I don't know what I'm doing, I have never owned a rental property before. I do not believe that reading all the books and forums and listening to all the podcasts in the world can substitute for actual experience. None-the-less I consume everything I can get my hands on in order to do the best I can as I embark on this journey. But until I have a portfolio of profitable properties I expect I will be remain ignorant and continue to seek advice from those who are not. FWIW I tried paper trading for a while to learn about trading stocks, but now that I'm investing and trading for real I can see how little real value that provided - like learning the forms of a martial art but never actually sparring. Right now I'm just hoping not to get beat up too badly my first time in the ring.

Hi @Umang G. - I'm also looking into Saugerties and surrounding area to invest.  I've been living in Ulster county for 24 yrs, but just getting into RE investing.   Let's connect, I may be able to give you some referrals.  

@Jesse DeArmon did you have any luck with the local bank?  My credit union has a couple of REOs and I'm considering approaching them about it.  Thanks!

Anything in the last decade or so?

Hi - I'm a new real estate investor located in Shokan NY. I have enough capital for a few residential (single or multi family) deals at my disposal. I'd like to BRRR and turn that into more than a few deals, but it's very difficult in my immediate surrounding location. Not impossible, but difficult. Prices are high and it's a sellers market with everyone moving up from NYC and staying. I'm looking further afield, primarily Albany and Rochester (where my son goes to school). These seem like MUCH more attractive markets in terms of cashflow and BRRR potential.

Having seen what happened to Kingston after IBM left I'm concerned about having all my eggs in one basket.  But I'm also aware that the amount of work involved in building several teams instead of one is a major challenge.

My question is this - should I look to diversify and do individual deals in several different locations, or should I specialize and do all my deals in one location? 

Thanks!
Jim